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Other Recent Highlights
-- During the week of October 1, 2012 the Company held its annual BAUER World event, where leading retailers from around the world were able to see and experience the newest BAUER gear, including BAUER's latest VAPOR line of skates, new team apparel and a new line of goalie equipment. In addition to unveiling new products, the Company also launched several key corporate initiatives including: -- An objective to grow hockey participation by 1 million new players by 2022 through a unique multi-year program. Partnering with Hockey Canada, USA Hockey, and led by a cross-functional team, including Mark Messier, who joined forces with BAUER as a result of the Company's recent acquisition of Cascade, the initiative will take a leadership role in both growing participation and increasing player safety. -- The unveiling of the "OWN THE MOMENT" brand campaign, a fully integrated global initiative that focuses on the numerous moments in hockey that make the sport truly unique and special. The campaign is the first BAUER brand campaign in more than 15 years.-- On October 16, 2012 BAUER closed the acquisition of substantially all of the assets of Inaria, a global provider of team sports and active apparel for Cdn$7 million in cash. The acquisition marks the Company's entrance into the growing jersey market and provides BAUER with full team apparel capabilities, including the design, development and manufacturing of uniforms for ice hockey, roller hockey, lacrosse, soccer and other team sports, enabling the Company to become a "one- stop-shop" for its global retail partners' equipment and team apparel needs, for both ice hockey and lacrosse.-- On October 17, 2012 funds managed by Kohlberg Management VI, LLC (the "Kohlberg Funds"), BAUER's largest shareholder, completed the sale of an aggregate of 4,140,000 common shares of the Company (the "Offering") at a price of Cdn$9.90 per share. A syndicate of underwriters completed the Offering on a bought deal basis. BAUER did not receive any proceeds from the Offering. Immediately following closing, the Kohlberg Funds owned the equivalent of 41.0% of the issued and outstanding common shares on a non-diluted basis (approximately 33.8% on a fully diluted basis).
Adjusted Gross Profit, EBITDA, Adjusted EBITDA, Adjusted Net Income/Loss and Adjusted EPS are non-IFRS measures. For the relevant definitions and reconciliations to reported results, please see "Non-IFRS Measures" noted below and in the Company's MD&A for the most recent period. Working capital as used above includes trade and other receivables, inventories, and trade and other payables.
The Company's unaudited condensed consolidated interim financial statements and MD&A for the period ended November 30, 2012 have been filed with applicable regulatory authorities and are available on SEDAR at www.sedar.com and on the Company's website.
CONFERENCE CALL AND WEBCAST
BAUER will hold its conference call to discuss its financial and operating results on January 10, 2013 at 10:00 am ET. Kevin Davis, President and CEO and Amir Rosenthal, Chief Financial Officer will host the call. Following management's presentation, there will be a question and answer session for analysts.
To access the call, please dial 1-888-437-9445 or 1-719-325-2429. The conference call will also be accessible via webcast at www.bauerperformancesports.com.
